§32-2-203. Post-registration provisions.
(a) Every registered broker-dealer and investment adviser
shall make and keep such accounts, correspondence, memoranda,
papers, books and other records as the commissioner prescribes by
rule or order, except as provided by section fifteen of the
Securities Exchange Act of 1934 (in the case of a broker-dealer)
and section 222 of the Investment Advisers Act of 1940 (in the case
of an investment adviser). All records so required, with respect
to an investment adviser, shall be preserved for three years unless
the commissioner prescribes by rule or order otherwise for
particular types of records.

(b) With respect to investment advisers, the commissioner may
require that certain information be furnished or disseminated as
necessary or appropriate in the public interest or for the
protection of investors and advisory clients. To the extent
determined by the commissioner, in his or her discretion,
information furnished to clients or prospective clients of an
investment adviser that would be in compliance with the Investment
Advisers Act of 1940 and the rules thereunder may be used in whole
or partial satisfaction of this requirement.

(c) Every registered broker-dealer and investment advisor
shall file such financial reports as the commissioner may prescribe
by rule or order, except as provided by section fifteen of the
Securities Exchange Act of 1934 (in the case of a broker-dealer)
and section 222 of the Investment Advisers Act of 1940 (in the caseof an investment adviser).

(d) If the information contained in any document filed with
the commissioner is or becomes inaccurate or incomplete in any
material respect, the registrant or federal covered adviser shall
promptly file a correcting amendment with the commissioner.

(e) All the records referred to in subsection (a) of this
section are subject at any time or from time to time to such
reasonable periodic, special or other examinations by
representatives of the commissioner, within or without this state,
as the commissioner deems necessary or appropriate in the public
interest or for the protection of investors. For the purpose of
avoiding unnecessary duplication of examinations, the commissioner,
insofar as he or she deems it practicable in administering this
subsection, may cooperate with the securities administrators of
other states, the securities and exchange commission, and any
national securities exchange or national securities association
registered under the Securities Exchange Act of 1934.